National Grid (NG.)

Sector:

Utilities

Index:

FTSE 100

850.00p
   
  • Change Today:
    -49.20p
  • 52 Week High: 1,067.40
  • 52 Week Low: 799.70
  • Currency: UK Pounds
  • Shares Issued: 3,510.17m
  • Volume: 15,097,335
  • Market Cap: £29,836m

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12 31-Mar-11
Annualisation Factor 1.0 1.0 1.0 1.0 1.0
Dividend Yield 4.9% 5.1% 5.3% 6.2% 6.1%
           
Continuing Operations          
PE Ratio - Adjusted 19.8 15.4 13.3 12.7 11.7
PE Ratio - Diluted 22.0
22.4
12.6
14.8
13.4
13.6
11.4
12.8
9.5
11.5
PEG - Adjusted n/a n/a 0.8 n/a n/a
PEG - Diluted n/a
n/a
0.9
n/a
3.3
1.0
n/a
n/a
0.6
n/a
Return on Capital Employed 7.94%
8.72%
9.99%
9.79%
9.85%
9.56%
11.03%
10.88%
11.65%
11.15%
Operating Margin 29.28%
29.28%
25.22%
24.96%
26.11%
25.34%
25.59%
25.23%
26.11%
24.99%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 19.8 15.4 13.3 12.7 11.7
PE Ratio - Diluted 16.5
16.5
12.6
14.8
13.4
13.4
11.4
12.8
9.5
11.5
PEG - Adjusted n/a n/a 0.8 n/a n/a
PEG - Diluted n/a
n/a
0.9
n/a
3.3
0.8
n/a
n/a
0.6
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12 31-Mar-11
Net Gearing 215.61% 214.89% 268.10% 245.62% 251.81%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12 31-Mar-11
Price/Book Value 5.4 4.7 6.2 5.9 5.4
Price/Tangible Book Value 5.4 4.7 6.2 5.9 5.4
Price/ Cash Flow 6.5 7.7 7.6 5.5 4.2
Price/Revenue 2.45 2.10 1.99 1.67 1.43
Price/R&D 1,421.5 2,589.9 1,906.8 1,544.1 n/a
Net Asset Value per Share (exc. Intangibles) 160.04p 176.74p 123.98p 107.24p 110.52p
Net Cash per Share 0.61p 0.32p 0.40p 0.41p n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12 31-Mar-11
Continuing Operations          
Revenue 13,357.00 14,809.00 14,359.00 13,832.00 14,343.00
EBITDA 5,395.00
5,395.00
5,167.00
5,128.00
5,131.00
5,021.00
4,875.00
4,762.00
5,081.00
4,837.00
Depreciation (1,484.00)
(1,484.00)
(1,432.00)
(1,432.00)
(1,382.00)
(1,382.00)
(1,336.00)
(1,272.00)
(1,336.00)
(1,252.00)
Net Interest (1,329.00)
(1,329.00)
(1,015.00)
(1,015.00)
(1,056.00)
(921.00)
(987.00)
(917.00)
(1,128.00)
(1,128.00)
Profit Before Tax 1,960.00
1,960.00
2,748.00
2,709.00
2,711.00
2,736.00
2,559.00
2,580.00
2,624.00
2,464.00
           
Revenue per Share 354.67p 393.23p 385.58p 378.03p 418.04p
Pre-Tax Profit per Share 52.05p
52.05p
72.97p
71.93p
72.80p
73.47p
69.94p
70.51p
76.48p
71.82p
Market Capitalisation £ (Millions) 32,459.41 30,782.25 28,156.17 22,572.83 20,920.19
Enterprise Value (EV) £ (Millions) 58,192.41 56,319.25 55,978.17 45,280.83 43,650.19
EBITDA/EV 9.27%
9.27%
9.17%
9.11%
9.17%
8.97%
10.77%
10.52%
11.64%
11.08%
Operating Margin 29.28%
29.28%
25.22%
24.96%
26.11%
25.34%
25.59%
25.23%
26.11%
24.99%
Capital Employed £ (Millions) 37,734.00 38,051.00 38,241.00 32,136.00 32,217.00
Return on Capital Employed 7.94%
8.72%
9.99%
9.79%
9.85%
9.56%
11.03%
10.88%
11.65%
11.15%
Invested Equity Capital £ (Millions) 17,759.00 17,356.00 15,758.00 14,426.00 14,287.00
           
Earnings per Share - Basic 39.40p
38.95p
65.70p
55.87p
57.80p
56.82p
55.60p
49.82p
62.90p
52.36p
Earnings per Share - Diluted 39.50p
38.78p
65.40p
55.59p
57.50p
56.55p
55.40p
49.56p
62.50p
52.07p
Earnings per Share - Adjusted 43.90p 53.50p 57.80p 50.00p 50.90p
Earnings per Share Growth - Basic -40%
-30%
14%
-2%
4%
14%
-12%
-5%
17%
-4%
Earnings per Share Growth - Diluted -40%
-30%
14%
-2%
4%
14%
-11%
-5%
17%
-5%
Earnings per Share Growth - Adjusted -18% -7% 16% -2% -8%
PE Ratio - Diluted 22.0
22.4
12.6
14.8
13.4
13.6
11.4
12.8
9.5
11.5
PEG - Diluted n/a
n/a
0.9
n/a
3.3
1.0
n/a
n/a
0.6
n/a
Tax Rate 32.24% 10.44% 20.68% 20.42% 17.62%
Dividend Cover 1.02
0.91
1.27
1.33
1.41
1.39
1.27
1.27
1.40
1.44
Interest Cover 2.44
2.44
3.61
3.58
3.50
3.88
2.12
2.16
2.07
2.00
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 52.90p
52.71p
65.70p
55.87p
57.80p
57.65p
55.60p
49.82p
62.90p
52.36p
Earnings per Share - Diluted 52.70p
52.47p
65.40p
55.59p
57.50p
57.38p
55.40p
49.56p
62.50p
52.07p
Earnings per Share - Adjusted 43.90p 53.50p 57.80p 50.00p 50.90p
Earnings per Share Growth - Basic -20%
-6%
14%
-3%
4%
16%
-12%
-5%
17%
-4%
Earnings per Share Growth - Diluted -19%
-6%
14%
-3%
4%
16%
-11%
-5%
17%
-5%
Earnings per Share Growth - Adjusted -18% -7% 16% -2% -8%
PE Ratio - Diluted 16.5
16.5
12.6
14.8
13.4
13.4
11.4
12.8
9.5
11.5
PEG - Diluted n/a
n/a
0.9
n/a
3.3
0.8
n/a
n/a
0.6
n/a
Dividend Cover 1.02
1.23
1.27
1.33
1.41
1.41
1.27
1.27
1.40
1.44
Return on Equity (ROE) 11.37%
11.18%
14.27%
12.12%
13.66%
13.62%
14.11%
12.64%
15.11%
12.57%
Operating Cash Flow per Share 132.95p 106.72p 100.70p 115.55p 141.59p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (6.56p) (7.51p) 9.00p (1.18p) (10.09p)
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 42.87p 42.03p 40.85p 39.28p 36.37p
Dividend per Share Growth 2.00% 2.89% 4.00% 8.00% (5.51%)
Dividend Yield 4.9% 5.1% 5.3% 6.2% 6.1%
Shareholders Funds 11,962.00 11,911.00 10,229.00 9,239.00 9,060.00
Net Borrowings £ (Millions) 25,791.00 25,596.00 27,424.00 22,693.00 22,814.00
Net Asset Value per Share (inc. Intangibles) 159.72p 176.53p 123.84p 107.05p 110.26p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12 31-Mar-11
Shareholders' Funds inc Intangibles 11,962.00 11,911.00 10,229.00 9,239.00 9,060.00
Net Borrowings £ (Millions) 25,791.00 25,596.00 27,424.00 22,693.00 22,814.00
Net Gearing 215.61% 214.89% 268.10% 245.62% 251.81%
Cash & Near Cash 119.00 354.00 671.00 332.00 384.00
Cash 0.99% 2.97% 6.56% 3.59% 4.24%
Gross Borrowings 25,910.00 25,950.00 28,095.00 23,025.00 23,198.00
Gross Gearing 216.60% 217.87% 274.66% 249.22% 256.05%
Borrowings Under 5 years 25,910.00 25,950.00 28,095.00 23,025.00 23,198.00
Under 5 years 216.60% 217.87% 274.66% 249.22% 256.05%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12 31-Mar-11
Shareholders' Funds exc Intangibles 6,015.00 6,648.00 4,612.00 3,917.00 3,783.00
Net Borrowings £ (Millions) 25,791.00 25,596.00 27,424.00 22,693.00 22,814.00
Net Gearing 428.78% 385.02% 594.62% 579.35% 603.07%
Cash & Near Cash 119.00 354.00 671.00 332.00 384.00
Cash 1.98% 5.32% 14.55% 8.48% 10.15%
Gross Borrowings 25,910.00 25,950.00 28,095.00 23,025.00 23,198.00
Gross Gearing 430.76% 390.34% 609.17% 587.82% 613.22%
Borrowings Under 5 years 25,910.00 25,950.00 28,095.00 23,025.00 23,198.00
Under 5 years 430.76% 390.34% 609.17% 587.82% 613.22%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12 31-Mar-11
Quick Ratio 0.77 0.98 1.25 0.83 0.88
Current Ratio 0.82 1.02 1.29 0.90 0.93

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 3: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 4: Normalised ratios are shown in blue text

Note 5: Forecast figures based on normalised accounts.

 

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